Tuesday April 26, 2005 - 00:58:14 GMT
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Forex: Daily Forecast for the Euro vs U.S. Dollar 26th April 2005 Price:
Resistance: 1.3015 ... 1.3042 ... 1.3060 ... 1.3092
Support....: 1.2964 ... 1.2930 ... 1.2905 ... 1.2860
While 1.3015 holds we feel a move down to 1.2900-10 is possible
With the 1.3080-87 area holding we saw losses down to just above the 1.2948 support. Indeed, the move up to 1.3008 looks to have completed the correction from there to suggest a bearish day again today. Thus, to re-assess and look for additional gains today we shall need to see the 1.2954-64 area support to generate a break above 1.3015. If seen this would imply further gains up to 1.3042 where a small pullback is likely but then further gains to the 1.3060-92 area.
Losses were seen from 1.3080-87 down to just above the 1.2948 support. We feel there is risk of one final move lower which would be confirmed on a break of 1.2954-62 and provide for a drop to the 1.2900-10 area but would look for this to hold and generate a reversal higher. Thus only below 1.2900 would allow losses to extend to the 1.2840-60 pivot support.
Elliott Wave Comments:
25th April 2005
We are beginning to consider the chance of a longer term sideways move with the 1.2767 low being Wave b of a larger triangle pattern. This being the case we'd look for upside targets around 1.3220-40 and possibly as high as 1.3339. Although still a little early we feel the initial dip in Wave b should be down to the 1.2903-48 area in Wave b of Wave ^c before the next leg higher.
(c) FX-Strategy Inc 2005
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